The forthcoming drama is based around horror icon Hannibal Lecter (Casino Royale's Mads Mikkelsen) and will also star Hugh Dancy as his FBI nemesis Will Graham.
Izzard will play an inmate at an insane asylum who claims to be an infamous killer, Entertainment Weekly reports.
The actor and comedian's past TV credits include FX series The Riches and Showtime's United States of Tara.
Most recently, Izzard starred in NBC's Munsters revamp Mockingbird Lane - the Bryan Fuller project was originally under contention for a series pick-up, but the pilot episode ultimately aired as a one-off Halloween special last month.
Other stars attached to Hannibal include Laurence Fishburne (The Matrix) and wife Gina Torres (Suits), Lara Jean Chorostecki (Camelot) and Chelan Simmons (Wonderfalls).
The series will premiere on NBC in early 2013.
> Hannibal Lecter TV series adds Wonderfalls star Caroline Dhavernas
> Hugh Dancy: 'Hannibal TV series is psychological and experimental'
Watch a trailer for 2002's Hannibal Lecter movie Red Dragon below: